Announcer: Wall Street Unplugged looks beyond the regular headlines heard on mainstream financial media to bring you unscripted interviews and breaking commentary direct from Wall Street right to you on main street.

Frank Curzio: What’s going on out there? It’s October 11th. I’m Frank Curzio, host of the Wall Street Unplugged podcast, where I break down the headlines and tell you what’s really moving these markets. So, if you haven’t heard, I am holding a special briefing tonight. It’s be 8:00 PM Eastern. I care about your portfolio, not seeing it go down another 30% from here. Let’s just be watching it. It’s free. It’s not going to be that long. And after, I’m going to be able to answer your questions live, 100% live. So, I love doing live stuff. I wanted to tape the presentation live, but there was just so much information I wanted to make sure I got in. So, the first part’s taped, the second part, 100% live. Ask me anything you want. I’m going to be here as long as it takes. But based on the data, which I’m going to show you, the markets have a very good chance of crashing in the next coming weeks. And if it doesn’t happen next few weeks, it’s going to happen over the next two, three months. It’s inevitable.

Frank Curzio: I don’t make that call lightly, but all the data that I’m looking at, which is tons and tons, which you’ll see in the presentation, point to that. It’s going to be in detail. I’m going to explain everything to you. And again, I’m going to host questions after if you have any. Because some of it might be a little bit crazy, but it’s important to understand. You might think it’s crazy. And the markets are down already. And you know we’re down. “We should be buying. Stocks always go higher.” It’s different this time, guys. It’s different. I’m going to show you why. And we’re always seeing cracks in the foundation. Credit Suisse just came out saying, they don’t have liquidity problems, which means they have liquidity problems. Joke around about it, but it’s not a joke. Your banks don’t come out and say that unless they have liquidity problems. You’re not seeing JP Morgan or Bank of America say, “Oh, we’ve got good liquidity position.” We know. They do stress tests. For them to come out, it’s scary. Looking at almost every company that reported late. You have earnings season.

Frank Curzio: Earning season is going to start about a week or two, which is why I think, just one out of about six or seven data points, I think, the market will come down sharply over the next few weeks. But they usually report in a two to three week period. However, sometimes you have the straggles that report a little bit later. And if you look at the companies that reported later… And when I say later, from last earning season, meaning they reported in the last week or so, week and a half. So, you’re looking at FedEx, CarMax, AMD, Levi’s, Nike. These were names. Most of them were down sharply ready. And then, they got crushed even further after reporting. You thought they had a bottom. It’s like CarMax dudes hold up a little bit better, but now, you’re seeing all of us roll over. But these are companies that got to look at August results. And not only that, they’re able to see more clearly what September order’s going to be. And you have to listen to their calls. If you don’t want to listen to their calls, you can find their transcripts.

Frank Curzio: Go Google “earnings transcripts.” And you’ll be able to get that for free. And just listen to what they’re saying. Almost every one of them, not just lowered guidance, but removed guidance, said they really have no clue of what demand’s going to be over the next few quarters due to the economy, which is the Fed raising rates aggressively while the market is crashing, by the way, which we’ve never done. Usually, it’s the opposite, but there’s so much inflation, which is insane. Still, over 8%, considering we’ve never been over 4% annually since 1991. Don’t worry, it was transitory, like the Fed said last year when it was five versus transitory. I love picking on the Fed whenever I can. Now I do. But talking about the cracks, IMF today just cut growth again for the global economy, predicting there’s going to grow 2.3% for 2023.

Frank Curzio: Put that in perspective, in January or in December, they were predicting that 2023, they would see 6% growth. Now it’s 2.3%. And I got news for you. The 2.3% is still very aggressive. It’s too aggressive. You’ll see by the data, which you’re going to have in my presentation. But IMF also said, they made it clear that the worst is yet to come. The United Nations telling the Feds, “Stop. You need to stop.” When have we seen that, ever? The UN calling out the Fed? You need to slow down here, just wait. And look at the Bank of England. Announced today… Today. It’s going to intervene again in the bond market. And this is a second rescue package in just the last couple of days as pension funds are getting margin calls that buying bonds, which is essentially QE. Quantitative easy. And you think about that, it’s crazy since the central bank raised rates. They raised rates, which is tightened on September 22nd. They’ve been raising rates to 2 1/4% to try to control inflation, which is at 10%.

Frank Curzio: Now, they turned around and buying bonds while economists are making fun of the central bank, “Oh they’re losing credibility and all those…” Basically for tightening a few weeks ago. And now, using easy monetary policy. They’re doing this because they have to. They don’t have a choice. And it shows. I mean, think about it. For them to make an about-face in weeks, isn’t that something we saw out of Walmart and Target four months ago, when they reported the largest one-day declines since ’87? They didn’t even get a chance to warn? Didn’t we see that with semiconductors? Massive demand. We’re going to see growth beyond belief. Now they’re sitting on gluts. PCMark is dead. Notice how quick this is happening. It shows you how quickly conditions and sentiment can change when you’re raising rates by this much this fast, which is unprecedented. We’ve never seen anything like this. I know if you’re old school, you’re like, “Well, rates were 20%.” Yeah, they went from 10 to 20%. Actually, a few years before, it went from six to 20%, but look at the percentage. You had 10 to 20. Yeah, you doubled them.

Frank Curzio: If you’re looking at the increases from the bottom right now, 3.2 quarter percent, we raise rates by 43X. Think about that in terms of payments. Think about how it’s going to hit you. And when I say, it’s going… The last two rate cuts haven’t even been factored in. I say that a lot, what does that mean? Let’s put in perspective. Okay. Let’s say if you normally have $20,000 in the bank. And you run your own company. And in the last two years, it was closed. You got some business loans. And everything went… All of a sudden, we just went gangbusters. That’s what we saw in 2021. So, a steep decline. But then, everything went back to normal pretty much by the end of 2021. The markets hit new highs in 2021. And the government, through 2021, continue with stimulus package. Now, you have $50,000, $75,000 in the bank. You see your portfolio going higher. Your home price continues to go higher. You’re like, “Holy shit, man. This is great.” And you start spending more, which is fine.

Frank Curzio: Now listen, the Fed starts raising rates. You’re seeing your portfolio’s down 25% across the board. That’s down, yet some S&P 500 now, over 25%. It’s crazy. You’re looking at your home price declining. Yes, it went up a lot, but it’s starting to decline. Now, you’re looking at your bank balance. And all your bills that you’re paying are getting higher and higher, not just through deflation, but now they’re raising rates. So now, what do you do? While you had a nice cushion at 20,000 in there, and say you have, whatever, like $50,000, $70,000 in there, nice start making these payments. And they’re higher. And you see, bills go higher. And it goes lower and lower, and lower. So, the first couple months don’t really matter. You’re like, “Well, I’m still doing okay. All right, I’ll pay for this. And then, it’s still paid to go out with my family to eat all the time.” Then, you notice how this is dwindling. And your portfolio keeps coming down. And you’re seeing your home price come down. That’s what you’re looking at. This is about sentiment.

Frank Curzio: And you’re like, “Holy shit, man. I really need to tighten.” Now you start cutting back dramatically and fast, because that 70 grand you had in the bank is now 50, is now 45, is now 40. You’re like, “Holy shit.” I mean, this is going lower… It takes time. Right now, there’s so much money injected to the system. You have 11 trillion. But it takes time. It takes a long time.

Frank Curzio: The only comparable market you could see is the NASDAQ crash, the .coms. Because last two crashes, and I’ll go over that in a minute, we have the Fed. They’re printing money. We don’t have the Fed printing money. They’re not printing money right now. They’re not there. And when you look at the Bank of England, guys, this is not good as well. It’s not Argentina, Ecuador. It’s not Lebanon. This is a developed nation, Bank of England. That’s basically, I won’t curse, trapped. It’s a new word. You’ll be happy, little swear jar. But they’re trapped. And you’re trying to control inflation while also not collapsing his entire financial system. And the pound is close to 40-year lows against a dollar right now. It’s going to get worse. Even better, when the Bank of England raised rates… And this is September 22nd. Couple weeks ago when they raised by 50 basis points, there was three of those nine members who wanted to raise by 75 basis points.

Frank Curzio: Now, two weeks later, the same group is buying bonds. This is what happens. These are central banks. They’re supposed to be smarter than everybody. And for you to make that much of a dramatic move in a couple of weeks for a central bank is unheard of. It’s crazy. The writings on the wall here. And this is going to be the US soon, trying to control inflation, while also trying not to collapse the markets at the same time, which by the way, it’s impossible to do. We’ve been saying it for such a long time, and saying since the Fed, finally, in November, admitted that they were wrong. And we’re going to raise rates. We said, the only way to control inflation is to force a recession. It’s the only way. It’s a fundamental change in the market now. It’s different. But my presentation, I’m going to show you the data, data you’re not seeing talked about in the media. Going to break down the earnings picture, which is important. This is what this whole entire thing is about. Markets coming down, it’s all about earnings. Earnings drive stock prices.

Frank Curzio: If earnings are super strong, you could be trading a 20, 30, 40, 50 times earnings if you grow in earnings. By 60, 70%, you’re not expensive. But the whole world is getting shut off in terms of growth. And earnings expectation right now, holy shit. And I am going to curse. Holy shit. Because they need to come down at least 20% from here, more like 30 or 35%. And let me show you why. Nice bright pictures and make it easy. The analysts on TV that are telling you, “Hey, we’re down 25%. You should buy. Stocks always go higher in long term. The market’s cheap.” But the thing, it’s cheap because you’re trading 12 times forward earnings. It’s not 12 times forward earnings. It’s only 22 times forward earnings. It’s all about forward, that estimate. What’s that estimate ended drastically, much higher than they should be. And we have the comparable periods when the Fed wasn’t injecting money. And when we had higher interest rates, we have the comparable period of where they should be trading.

Frank Curzio: And they’re way, way too high. Even JPMorgan, who is the lowest on the street, is way too high. And you’re seeing it. That’s why companies are removing guidance. FedEx doesn’t remove guidance. They never remove guidance. When’s the last time you saw that? I don’t even think, in 2008, they remove guidance. They remove guide because they believe that there’s going to be a massive downturn in earnings that they really can’t predict. So, you’re seeing companies rush to lay off employees, every technology company. Remember, they are all freezing. Microsoft is freezing. Google… They’re laying off now. I mean, you go on and on with all these companies. On and on. Tons of them. Netflix, Microsoft, Peloton, Spotify, Meta, Amazon, Tesla, keep going, Robinhood, all car companies, industrials, banks, laying off. Again, I’m going to show you analysis. You could draw your own conclusions, but I’m not a guy that predicts crashes often, or predicts a crash every single year for the past 20 years when it happens.

Frank Curzio: I’d tell you, “I’m the greatest ever. I told you so.” Go on TV. So I tell everyone how amazing… No, I don’t give a shit about that. I don’t make crash calls often. In fact, it’s contrary to my business. And I tell you, the market’s going to crash. And most people buying newsletters get long positions. So, it’s not my best interest to be skeptical, but I’m not thinking about this short-term. I’m thinking more long-term to helping you guys out. When the shit hits the fan, it does. And it’s really, really bad, of things that we’ve never seen, that I’ve never seen in my 30-year career. And the good news, I’m going to show you how to position yourself. We could make an absolute killing while stocks are getting crushed. I’m not talking about the next few weeks because I think we really can get a crash in the next… You’ll see why based on the data points. I mean, good luck with the CPI and the PPI, and the retail sales. Good luck. Is a lot of things in October that are huge negatives, that we could see everyone just say, “Okay, I’m out.”

Frank Curzio: Again, data shows that we could see a crash in the coming weeks. But even if we don’t see it in the coming weeks, you need to realize that this is a market that’s going to be incredibly weak for a long time. Much, much longer than people anticipate because we don’t have the Fed to lean on. I mentioned it earlier, you might be thinking about 2008 or 2020 type crash in the markets. What happened? We rebounded sharply. We got to bounce really quickly in 2020 because we went… Not spending. And 2008 was not that long ago. Even until the end of 2008, stocks ran up before coming back down. So, it wasn’t the whole 2008 that was terrible. You get that rebound pretty quick, but that happened because the Fed printed an insane amount of money to help stabilize the markets. They gave the market of flaw. It said, “Hey, we’re here.” And the credit crisis. “We’ll buy all the shit we got at banks. Give us all the shit. We’ll buy it. We’ll take the losses.” They hadn’t… I told you, the worst thing.

Frank Curzio: Not that I hate saying, “I told you’d suck,” because I’ve been wrong on other things, and lots of things. But the worst thing that happened during the credit crisis… The worst thing. It’s not what the Fed did what they have to do, and the government did what have to do and stabilize the system. It would’ve been 30% unemployment. The whole financial system collapsed. People couldn’t get their money out of banks. They needed to do something crazy. The worst part of it is that they made a fortune. And they made it quickly because everything rebounded so fast. So, they didn’t see the consequences of their actions. That was the biggest negative. They made an absolute fortune taking over Fannie and Freddie, buying all the mortgages, buying all the assets. And then, all those assets surged in the years ahead. And Fannie and Freddie’s still in conservatorship. They made money so fast, they didn’t have a plan to say, “Okay, how do we get out of this?” Well, let’s not get out of it. Let’s just continue to generate billions and billions of dollars for ourselves every single quarter.

Frank Curzio: Nobody talks about that. But they made a fortune bailing out AIG, bailing out all the banks and the warrants, and all that shit. They made a fortune. The fed’s not there to print money this time. Now, if they want to control inflation… Again, inflation is still exceptionally high, at 8%. We’ve never seen 4% inflation in any year prior to 1991. And we’re at eight. And you think you’re going to see a meaningful pullback? We’re not. Because the Fed only looks at two things: unemployment and the CPI. If you listen to past podcast, you know that the way these two indicators are calculated. And I dug in. It went back from ’83 to ’91 where you saw the CPI revised from the rental portion and the shelter portion, which counts for 30% of CPI. It was revised I think 27 times to make sure that that gauge actually stays low for a long period of time. I mean, you look at… Rentals only went 3%, even during the periods of 2006, seven, or 5, 6, 7, when home prices were going up 20% on average annually then, which led to the bubble.

Frank Curzio: Rentals didn’t go up that much. But now, rentals are up 18% last year, high double-digits this year. They’re not going to go lower because we have a supply problem. Now, we’re looking at affordability index, and again, I’ll cover this in my presentation, which is at 35-, 37-year highs, where it’s less affordable today to purchase a house than any other time in 35 years. Which means if there’s a supply problem, people have to live. So, what they’re going to do? They’re going to rent, which is going to keep prices higher. And that’s scary. Because what does this mean? It means CPI, unemployment. They’re not going to come down anytime soon. I’m talking, at least, over the next three months, probably longer, which means the Fed is going to continue raising rates. And they’re going to raise them past 4% and keep them there for all of 2023. And that is an insane picture. When I close my eyes and think about that in my head, that’s insane. Considering right now, at 3.25, almost every market, one by one, is freezing. I mean, housing is done.

Frank Curzio: Housing was done when mortgage rates went past 5%, to 7%. Semiconductor companies, I mentioned them earlier. I mean, holy cow, look at all the warnings and massive warnings. AMD, the latest PC sales. They said, they’re crashing. They didn’t say, supply chain concerns this time. Now, they’re talking about demand. It’s AMD, one of the biggest growth companies in semis for a long time. Retail. Did you see Nike’s inventory levels when they reported last week? They’re over 23%, the previous quarter. And when you have a big retail like that, even Walmart did a good job selling off their inventory, you got to sell the cheaper prices. It’s seasonal. So people are expecting, “Ah, they got rid of a lot of inventory.” Yeah, margins are going to get hit. Their inventory levels went up another 44%, meaning, holy shit, we’re lowering prices. And we still can’t sell our goods and clothing. 44%. Look at autos. Seeing downgrades of Ford. Demand’s not there. You’re building all this stuff, yet supply chain concerns. So, all its demand… So, you did everything you can, spent enough fortune, building more factory. And in an instant, boom, demand’s gone.

Frank Curzio: That’s what happens when you raise rates this fast, by this amount. Look at industrials. Every industrial company is lowering estimates, laying off employees. And now, the banks. Banks are well-capitalized. This is a different type of crash, and only get to worry about it. They’re well-capitalized. But seeing massive slowdowns in a global economy, which all these big banks have tons of exposure to. And which Jamie Dimon, CEO, JPMorgan said on TV yesterday, “If you’re a company and need cash…” He actually said this, “If you’re a company and need cash, I suggest you rates money right away.” That’s code four. The shit’s going to get a lot worse going forward. That’s what he’s saying. So, I’m going to break everything down. This presentation is absolutely free. You see all my data, all analysis. I’m talking about a lot of companies, Fed policy, what they’re going to do going forward. I got to show you how I could be wrong, which I always do in my analysis. Or what we need to see for stocks to bottom, which I’m hoping for.

Frank Curzio: But as you can see, those catalysts are not going to happen, or likely not going to happen. And most importantly, I’m going to show you how to make a killing using a very easy low-risk strategy that anyone could use. It’s simply. Use your PC, your phones, your online brokerage account. This strategy already generated over 30% returns this year. And we have that documented. That figure doesn’t tell the whole story as many of these positions were closed out in less than a few months. If using an annualized return, the average position has gained 130% this year while the S&P 500 is down 25%, and the NASDAQ is down 32% through September. And this isn’t just like cherry picking. These are the returns. This is based on 12 closing trades this year, which six are triple-digit winners, one closed out for 217%, the other for 271% returns. And again, these gains came in just a few months. This is how the best investors in the world play these markets, which they love to see. They love to see markets like this. They don’t happen often. We see massive pullback. And assets are insanely cheap.

Frank Curzio: But you see the most experienced people in the markets. They tighten up because they want to have as much money as possible when we bottom, which we will bottom. It’s just not going to happen as quick as everybody believes. It’s going to take a while, a long while this time. So, it’s not just, “Oh, let me go into cash,” or, “Let me buy some of the safe haven companies that are paying nice dividends.” Let me tell you something, the average dividend on the S&P 500 is 1.8%. The two-year’s 4.2, 4.3%. Why even take the risk for it? Just buy the two-year? Why take the risk for what everything going on with all this uncertainty? With central banks for developed nations confused as hell, have no idea what to do and can’t even tell you what to do. We’re, industry by industry, seeing demand destruction. And we’re not even close to being done yet. Even if the Fed stops, which is called the “Pivot,” that’s not really a pivot. A pivot is doing the opposite, which lower rates. They’re not going to lower rates for a very, very long time, especially with inflation at 8%.

Frank Curzio: But even if they, I’ll use their definition, pivot and stop, it’s not going to get any better. People aren’t going to suddenly say, “Oh wow, the Fed’s stopped. I’m going to go out and buy a home and take out a mortgage at 6%, 5.5%.” And we still haven’t seen the damage from what the Fed has done so far. And that’s the catalyst. That’s a bull catalyst that’s being talked about. Oh, the Fed’s going to just wait and see. I thought that was the case three months ago. And they were going to be done. I had no idea they’re going to continue on the pace. And they’re going to continue because they look at two indicators, leggy indicators that are flawed, that are calculated wrong, which I’ll explain in my presentation. But you need to protect yourself. The best investors welcome this type of market. So, not talk about going to cash or buying the… We’re talking about making a killing while stocks get killed. And it’s a nice situation to be in because you are usually the person that gets effed all the time with specs.

Frank Curzio: They only work retail environment, needs to buy these things and needs to be sold these things at 100 times sales and 50 times sales, and buy them at 10, 12, 15 while everyone else who’s selling to you bought them at a dollar and below. You don’t know that. Retail investor, you guys always getting screwed, always getting… You know what? Let’s make money this time as everybody else gets screwed, as companies overshot, overspent. We got a Fed who was a bunch of idiots that should be fired right away. They’re not qualified to be in this market. We saw that. And everything they’ve learned for 40 years plus told them last year, when inflation was of 5% is going to be transitory. And just a year later now, not only is it transitory, we’re going to raise race by the fastest amount ever and continue. And it’s going to last forever. I mean, come on. You are not qualified to run the most powerful organization in the world, which can cause a global recession and a depression, which they’re their way of doing.

Frank Curzio: But the people who make the most money and do well, they welcome these markets. And they make a killing on the way down. That’s how you create generational wealth. Money can be passed down to your kids, or your kids’ kids. You may think that happens when bull markets. Everybody makes money in bull markets. Bull markets go high. Everyone’s a genius. It’s the people who position themselves now. When the shit hits the fan, like we’re supposed to see every three, four years, five years of recession, but the Fed didn’t allow it. All that money printing, all that spending for 12, 13, 14 years. Now’s the time you got to take your medicine. And the Fed’s taking their medicine. And they’re not going to be there. They’re not going to be there for you. It’s important for you to understand that, guys. And we saw market with the NASDAQ crash. And if you go back to the prior three crashes, and going back to the dot com, and we went to that recession from 2000, 2001, 2002. All through 2001, the Fed, I want to say, lowered rates.

Frank Curzio: I think it was 6% to 1.75%, all 50 bases and 25 bases, nothing even close 75. They were like, “No way.” So, they started cutting race tremendously through 2001, at least 10 times. It’s like eight to 10 times. And then, you had 2022, they lowered them. And then 2023, they lowered them again. And through that period of three years, the markets kept coming down and coming down despite lowing. That’s how long it takes to filter through the system. Now, why didn’t we see the quick pop, like we saw in 2008, 2020? It’s because the Fed was printing money recklessly. Recklessly. The Fed’s not printing money this time. They’re not there for you. So, we’re likely going to see… If you want a comparable market, it’s probably going to be the dot com, where it’s going to be long drawn-out. It’s going to happen right away. Maybe there’s effects that won’t happen right away. We go into election year. We know what politicians could do. And let out prisoners before. And really, lower oils there, which every single president has done ahead of an election, not to this extent.

Frank Curzio: Again, as they care about power, but this is your opportunity. Forget about the Fed. I don’t care what side you’re on. The politicians don’t give a shit about you. You should know that no matter what side you’re on, they only care about power. You know that. This is your opportunity to make a killing while these guys get smoked for the first time. I’m going to teach you how to do it. And it’s a very easy strategy. And it’s already worked. It’s proven. You’ll see the results. The presentations are free. I don’t have these special briefings often. Last time I did it was in February, telling the market crash was imminent. That was two weeks before COVID. And it’s based on similar research you’re going to see in this presentation. I thought the market was going to crash in 2019. Earnings did not grow from 2018, 2019. We were trading at 25 times forward earnings because the market surged that year.

Frank Curzio: I knew it couldn’t be sustained. I mean, that’s why we created certain products around this, and propped around this to play a major market pullback. I thought that was going to happen at the end of 2019. Then we had COVID. And it was easy for me to see that because you shut off the growth engine of the world a couple weeks before. And there’s no way we could sustain 25 times forward earnings, which is insane. You couldn’t sustain it. It was pretty easy to see. Wasn’t that difficult to see the valuations where, again, if you have growth, you could trade 25, 50 times for… You had no growth. The growth engine in the world is China. And you didn’t see a slowdown in China. They shut off the country.

Frank Curzio: And by the way, those of you who feel that or believe that a big catalyst is going to be China, and zero COVID policy, well, that changed in the last few days, right? I mean, a person sneezes and you shut off the entire province, which those provinces, some of them are bigger than the population of the US. They just did it again. What happened? You saw a lot of casino stocks get nailed and destroyed in the past few days. That was the last time I had one of these special briefings. I don’t remember having one any other time before. I don’t have them often, but pay attention. It’s free. You look at what the Fed is doing right now, even compared to that market with China, the Fed’s doing the same thing. They’re shutting down growth, destroying demand. And they’re going to be doing this for the next 15 months. That’s what they projected for the next 15 months.

Frank Curzio: So again, presentation, 8:00 PM tonight Eastern. You can register by going to a site, curzioresearch.com. Join a free email list. You’ve probably received an email too, with a link to register. Absolutely free. And after presentation, I’m going to be taking your questions live. And my boy, Daniel Creech, will be feeding me the questions. And I’m going to be here, I promise you, for as long as it takes to try to help you weather this tsunami that’s, unfortunately, going to get a lot worse before it gets better. So, I know a lot of you, we’ve got those emails. We’re able to submit questions. We have lots of questions already, but a lot of the questions we going to take live. Anything you want to know, especially about the presentation. A lot of numbers, a lot of figures of how to go deep into it. So any questions you have, feel free to ask. And again, I’ll be here for a while for you guys. I’ll just answer them, have fun, drinking tea or whatever, and hanging out. Make fun of me, whatever you want, but please listen to this presentation. It’s very, very serious. Your portfolios are at risk. Instead of just going to cash, I’ll show you a way that you can make a lot of money off this market as continues to fall. So, I hope to see you there. If so, I’ll speak to you soon. Take care.

Announcer: Wall Street Unplugged is produced by Curzio Research, one of the most respected financial media companies in the industry. The information presented on Wall Street Unplugged is the opinion of its host and guests. You should not base your investment decision solely on this broadcast. Remember, it’s your money and your responsibility.